WS #12951

The dominant signal in this window is the escalation of US-Iran tensions, with Iran launching a ballistic missile attack on a US base in Jordan, confirmed by multiple sources including Axios, AP, and CENTCOM. This breaks the recent pause in fighting and directly contradicts the de-escalation narrative that had been driving oil prices lower. Oil prices have jumped more than 4% on the news, with WTI crude rising to ~$82.35. The Nasdaq-100 has entered correction territory, down >10% from its record high, driven by a global semiconductor selloff. SK Hynix reported Q2 earnings with revenue of 79 trillion won (below estimates of 84 trillion) but strong DRAM ASP growth of ~30% QoQ and NAND ASP up mid-50% QoQ. The company guided for Q3 DRAM shipments to rise ~10% QoQ and NAND shipments low-single % QoQ, with 2026 DRAM market demand up mid-20% YoY and NAND up high-teens. Apple briefly surpassed $5 trillion market cap, reclaiming the top spot from Nvidia, as investors rotate from AI infrastructure to proven earnings power. The FAA issued a nationwide ground stop for American Airlines due to an IT issue, which is likely to impact AAL stock. Houthis claimed a strike on another Saudi oil tanker, adding to supply disruption risks. The US is banning foreign robots, targeting Chinese-made robots, which could impact Tesla's Optimus and domestic robotics firms. Over 1,100 AI employees from OpenAI, Anthropic, Google, and Meta called for US-backed global AI pacing efforts. Nucor rallied on strong quarter credited to Trump's tariffs. Boeing noted increased demand for missiles and munitions in its Q2 earnings call. The Iran missile attack is the highest-significance development, escalating the geopolitical risk premium and countering the recent oil price decline. The semiconductor selloff is a key macro theme, with the Nasdaq-100 in correction and chip stocks plunging globally. Apple's resurgence as the world's most valuable company is a notable MAG7 carve-out against the tech selloff narrative.